Home Equity Line of Credit (HELOC)

Name: Home Equity Line of Credit
Brand: Leader Bank

Flexible access to funds by tapping into the equity in your home!

Family surveying a house for remodeling utilizing a heloc

HELOC Options

6 Months Fixed at 6.49%APR*

Then

**7.75% APR* (Prime)**

for the life of the loan

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3 Years Fixed at 7.49% APR*

Then

**7.75% APR* (Prime)**

for the life of the loan

Apply Now

What Can I Use a HELOC For?

Renovate Your Home
Consolidate Your Debt
Pay for Educational Expenses
Install Solar Panels
Pretty Much Any Large Expense!

Leader Bank HELOC Benefits

Initial Fixed Rate Period

With Leader Bank’s HELOC you’ll enjoy a fixed Annual Percentage Yield for the initial term of the loan (either six months or three years) followed by a rate based on the current Prime index for the life of the loan.

Flexible

A HELOC provides access to funds to help you achieve a range of goals including home improvement projects, consolidating debt, building an emergency fund, making personal purchases, or saving for retirement.

Low Cost

HELOC interest rates tend to be lower than credit card or personal loan rates, and they are a great option to avoid higher-cost, non-conforming financing options as well as private mortgage insurance.

Fast Access to Funds

Don’t wait to get started on that home improvement project – with a Leader Bank HELOC you’ll gain access to your funds quickly so you can start tackling your immediate financial needs.

How Do I Know if a HELOC is Right for Me?

Have High Debt?

If you’ve accumulated debt – whether it’s from your mortgage, student loans, credit cards, or from a medical procedure – a Home Equity Line of Credit is a great way to consolidate high-interest rate debt.

Did You Make a Large Cash Downpayment on Your Home?

Looking to finally tackle that home improvement project you’ve been putting off? If you made a large downpayment on your home, instead of taking out a new loan to complete renovations you can use the hard-earned equity you’ve built up already to fund your project!

Have an Older Home in Need of Repairs or Renovations?

If you have an older home that is desperately in need of upgrades, a Home Equity Line of Credit is the perfect way to tap into the equity in your home to help cover the cost of renovations or repair projects!

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Frequently Asked Questions

A Home Equity Line of Credit, or HELOC, is a type of mortgage solution where homeowners borrow money against the equity in their home. Typically, HELOCs are used to fund home improvement projects or consolidate high-interest-rate debt (think student loans, credit card debt, or medical debt)

By combining a traditional first mortgage with a HELOC, borrowers can potentially avoid higher-cost, non-confirming financing options as well as private mortgage insurance, all while gaining access to funds for their current financial needs.

The great thing about Leader Bank HELOCs is that they feature a fixed Annual Percentage Rate for the initial term of the loan (either six months or three years), followed by a rate based on the current Prime index for the life of the loan.

As mentioned above, the most common uses for HELOCs are to pay for home improvement projects or consolidate high-interest rate debt. Other uses include serving as an emergency fund for unexpected cash needs, for making personal purchases or investments, or for planning ahead for or living in retirement.

Repaying a HELOC is similar to paying off credit card debt with a few key differences. During the draw period you can borrow money from your HELOC account up to your approved limit while only being required to make interest payments (principal payments are optional during this period). During the repayment period, you’ll be required to make both principal and interest payments until you’ve paid off what you’ve borrowed.

HELOC Calculators

^{*Annual Percentage Rate (APR) will not increase during the first six months for the six-month fixed option, or three years for the three-year fixed option; following expiration of initial term, rate will adjust on a monthly basis to the current Prime Rate as published by the Wall Street Journal, subject to a floor APR of 5.00% and a maximum APR of 18.00%. Because the Prime Rate may change over time, the Fully Indexed Rate and APR may also change during the referenced term. Please note that if the indexed interest rate increases, Fully Indexed Rate and APR will also increase. Quoted Prime Rate of 7.75% current as of 20 November, 2024 and subject to change without notice. Minimum loan amount $25,000. Maximum loan amount $400,000 for six-month fixed option; maximum loan amount $250,000 for three-year fixed option. 80% Max CLTV for purchase, rate term refinances or cash-out refinances. Monthly payments during initial ten-year draw period will be interest only; payments will adjust to require fully amortizing principal payments in addition to accrued interest during the subsequent 15-year repayment period (total term of line is 25 years). Rate quoted are available for primary residences in Massachusetts only; for information on products available outside of Massachusetts or for other property types, please contact a Leader Bank representative. Third party fees to be paid by borrower may range between $0.00 and $1,100.00. If in a Trust a $300 Trust Review Fee applies. $500 early termination fee if less than 2 Years. $450 processing fee will be assessed against your line of credit if you fail to maintain for three months a daily balance of the lesser of (a) your maximum line amount or (b) $30,000.00, and your amount of available credit will be reduced accordingly. Rate quoted requires sign up for automatic payments from a Leader Bank checking account; otherwise the initial introductory rate, APRs, margin and floor rate quoted above will be 0.25% higher. Homeowners insurance and full appraisal required. Credit approval required; other restrictions may apply. Contact a Leader Bank representative for complete details.}